The Macerich Company (NYSE:MAC) Declares Quarterly Dividend of $0.17

The Macerich Company (NYSE:MAC) declared a quarterly dividend on Friday, April 26th, Zacks reports. Investors of record on Monday, May 20th will be paid a dividend of 0.17 per share by the real estate investment trust on Monday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Friday, May 17th.

Macerich has decreased its dividend payment by an average of 24.0% per year over the last three years. Macerich has a payout ratio of -755.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Macerich to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 37.0%.

Macerich Price Performance

Shares of MAC traded up $0.29 during trading hours on Friday, reaching $15.67. 1,111,402 shares of the stock traded hands, compared to its average volume of 1,413,158. The company has a market cap of $3.38 billion, a P/E ratio of -12.34, a price-to-earnings-growth ratio of 1.73 and a beta of 2.33. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67. The company’s 50-day moving average price is $16.36 and its two-hundred day moving average price is $14.49. Macerich has a 52-week low of $9.05 and a 52-week high of $17.69.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period last year, the company earned $0.53 EPS. On average, analysts anticipate that Macerich will post 1.8 earnings per share for the current year.

Insider Buying and Selling at Macerich

In related news, President Edward C. Coppola sold 50,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the sale, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the transaction, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hern Thomas E. O sold 95,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the transaction, the director now owns 102,900 shares in the company, valued at $1,743,126. The disclosure for this sale can be found here. Insiders have sold 172,964 shares of company stock worth $2,940,030 over the last quarter. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and raised their target price for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Truist Financial reissued a “hold” rating and issued a $16.00 price objective on shares of Macerich in a research note on Monday, March 25th. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Finally, The Goldman Sachs Group increased their price target on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.40.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.